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联储加息周期临近收尾，海外流动性带来贬值压力收敛，国内基本面环比拐点出现，以及央行持续引导汇率预期，人民币汇率压力最大阶段已经过去。  本基金重点关注成长趋势明确、持续优化迭代的产业方向，力争在相关产业中寻找引领产业趋势、具备定价能力的龙头企业，为持有人带来长期回报。本基金维持在中高仓位，当前重点关注智能汽车渗透率持续提升、顺周期相关子行业的景气拐点。","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csrcFundId":4297,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:06.114Z","masterFundFlag":1,"inceptionDate":"2015-10-28T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信鑫利灵活配置混合","pinyin":"jxxllhpzhhxzqtzjj","managers":[{"stockCode":"db20787528","stockType":"fund_manager","exchange":"fm","tickerId":262412211470,"name":"张湘龙"}]},"announcement":{"linkText":"建信鑫利灵活配置混合型证券投资基金2023年度中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=961596","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f57fea5b3eb044fb49","date":"2023-03-30T16:00:00.000Z","stockId":3000000001858,"sao":"2023年一季度，国内A股市场整体走势偏强。沪深300指数上涨4.6%，创业板指数上涨2.2%，表现最突出的科创50上涨12.7%。从行业来看，一季度以计算机、传媒、通信、电子为代表的TMT板块表现突出，而顺周期的房地产、银行则表现较弱。值得注意的是成长板块中的新能源亦表现较弱，在产能扩张迅猛的背景下，需求增速的回落持续压缩行业估值水平。整体上，一季度是疫情后时代的复苏阶段，预期与现实之间或许存在差异，但趋势向上，特别是二季度随着库存见底，经济内生动力向上，市场依然值得期待。  鑫利基金在一季度整体较大幅度增加了TMT板块、并保持了大消费板块配置，降低了地产行业、中游制造业配置，在行业比较与个股选择上强调行业景气与公司独特竞争力。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.134Z","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csrcFundId":4297,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:06.114Z","masterFundFlag":1,"inceptionDate":"2015-10-28T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信鑫利灵活配置混合","pinyin":"jxxllhpzhhxzqtzjj","managers":[{"stockCode":"db20787528","stockType":"fund_manager","exchange":"fm","tickerId":262412211470,"name":"张湘龙"}]},"announcement":{"linkText":"建信鑫利灵活配置混合型证券投资基金2023年度第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886450","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f57fea5b3eb044fb48","date":"2022-12-30T16:00:00.000Z","stockId":3000000001858,"sao":"2022年，国内股票市场经历了较大幅度的调整，上证指数下跌15%，沪深300指数下跌22%，科创50下跌31%，同时债券市场在四季度亦经历了较大的波动。资产价格的波动背后反映了风险因素的释放，从全年来看，海外市场持续的加息过程、地缘冲突的持续僵持、国内房地产行业大幅度下行都影响到各行业基本面，特别是国内疫情导致的生产、消费的不连续，对国内上市公司的基本面带来了较大的挑战。从行业上看，煤炭、消费者服务、交运三个行业录得正收益，而电子、计算机、军工则跌幅居前。风格上周期价值风格占优，成长风格较为低迷。  鑫利基金在22年表现不佳，归因分析上看，在风格配置上成长居多，价值偏少；在行业配置上制造业居多，消费与大金融偏少。聚焦产业升级与消费升级的大线索，在经济阶段下行时，传统周期产业紧供给的特征，反而有助于行业盈利的稳定，周期价值性价比在此阶段的提升，的确值得我们反思总结。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.132Z","mo":"展望2023年，疫情后时代的信心重建将极为重要，无论是企业家信心、消费者信心、乃至投资者信心都需要在一段时期内去固本培元。重新聚焦经济发展将带来较好正面的政策加持，同时经济内生周期亦将在年中见底回升，经济与资本市场的正面因素在累积，负面因素在22年已释放较为充分，在风险因素上，我们依然关注供应瓶颈行业带来的价格刚性，某种意义上全球通胀由于供给带来的刚性可能依然存在，在国内市场，我们密切关注信用扩张的渠道通畅性，无论是房地产，还是地方城投，都将构筑信心重建的重要一环，总体上，如果把2023年与2024年放在一起，整体是是对风险资产开始友好的同性质年份。","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csrcFundId":4297,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:06.114Z","masterFundFlag":1,"inceptionDate":"2015-10-28T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信鑫利灵活配置混合","pinyin":"jxxllhpzhhxzqtzjj","managers":[{"stockCode":"db20787528","stockType":"fund_manager","exchange":"fm","tickerId":262412211470,"name":"张湘龙"}]},"announcement":{"linkText":"建信鑫利灵活配置混合型证券投资基金2022年度年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868791","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f57fea5b3eb044fb47","date":"2022-09-29T16:00:00.000Z","stockId":3000000001858,"sao":"2022年三季度，国内市场整体呈现调整态势，沪深300指数下跌15%，创业板指数下跌19%，上证50下跌15%，科创50下跌15%，从风格上看，稳增长优于调结构，在海外通胀背景下的加息周期中，中国追求相对独立的货币政策，因此汇率在三季度出现接近6%贬值，同时俄乌冲突持续加剧，导致全球风险资产均出现一定程度回调。从国内原因来看，房地产市场持续的负面调整压力，让投资者普遍担忧经济大盘的稳定性，成长行业的需求增速的可持续性在22年不稳定的经济大盘面前遭遇一定程度挑战。  鑫利基金在三季度，通过行业与个股“3+3”评估体系筛选中长期优质标的构建组合，在重点持仓个股上追求短中长期的结合，注重基本面“等待期”的评估，力争在整体偏弱的宏观经济大环境下，抓住业绩持续性、稳定性较好的品种，为组合争取可持续的超额收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.129Z","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"black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入到对行业基本面关键要素的分析中，进一步完善了原有的“3+3”投资框架：在行业层面，着重分析景气度、商业模式和竞争格局，在公司层面，着重分析企业家思维、管理层能力、研发效率。此外，在上市公司数量快速上升、投研资源精力覆盖有限的客观环境下，本基金在投研框架中引入了量化工具辅助，以成长属性的刻画为核心、以预期变化和估值比较为标准，对更大范围的股票实现了动态监测和快速预警，并构建了高胜率低波动的股票组合，实现了对原有重点股票库的有效补充。  在具体配置上，建信鑫利作为灵活配置基金维持了中性偏高的仓位，通过寻找市场的结构性机会，在“科技创新的手段，实现产业升级，让产业工人收入增加，最终达到消费升级”的时代大背景下，做有时代感的权益投资，在科技创新、产业升级、消费升级等领域进行侧重配置。具体行业上，机械、电子、新能源以及新能源相关的化工、有色等是基金重点配置方向。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.121Z","mo":"预计2022年的市场与2021年有几点显著差异：  一是宏观经济差异。2022年面临“需求收缩、供给冲击、预期趋弱”三重压力，预计宏观经济将表现出增速回落、动能转换、内生压力上升三大特点，宏观经济的差异将催生后续其他方面的几点差异表现。  二是政策环境差异。考虑2022年经济环境整体压力，宏观调控政策预计将从中性甚至偏紧的状态重新走向积极、偏扩张的状态；同时，中央经济工作会议针对重大理论和实践问题上进行了明确，预计产业政策、监管政策等都会更加灵活、温和，资本市场的反应预计不会再重演2021年那样的极端分化。  三是流动性环境差异。2022年全球流动性进入加速收紧状态，美联储将正式进入加息周期，其他主要央行也持续释放鹰派信号。在这一背景下，中美货币政策会出现阶段性背离，央行在利率、汇率与资本流动中将需要作出权衡协调。考虑国内金融条件扩张的诉求，预计中国货币政策将坚持“以我为主”并适度保持人民币双向波动放大。  四是盈利与风格差异。考虑经济增速、PPI数据及库存周期位置，预计2022年全年非金融A股盈利增速将会有明显回落，其中上半年回落幅度较大、下半年可能逐步企稳。在各个风格、板块、行业之间，盈利的相对优势可能出现明显变化，进而会产生战术择时与配置轮动的机会。从大方向来看，与2021年的极端分化相比，2022年整体的配置会有所收敛、风格与行业板块配置会相对均衡，但配置轮动相比2021年也会更加显著。  2022年本基金仍然将坚持“3+3”的投资框架：在行业层面，着重分析景气度、商业模式和竞争格局，在公司层面，着重分析企业家思维、管理层能力、研发效率。  与2021年相比，自上而下角度在本基金投资框架中会进行三方面侧重：  一是重点关注宏观层面“稳增长”政策的实现，只有在金融条件扩张、经济预期转暖、参与者信心回升的前提下，股票市场才能迎来大级别的机会，在相关条件达成之前市场可能处于宽幅震荡状态。二是考虑产业及监管政策边际调整，各行业发展会回归自身商业规律，从投资研究来看，需要密切跟踪产业发展的演进变化。在产业发展规律中，渗透率提升到一定程度后，行业增速、竞争格局、利润率预期、投资者回报、估值体系等都会发生一系列调整，但与此同时伴随产业规模提升和影响力扩大，产业链的延伸范围更广，可能带动更大范围内的衍生投资机会，包括新技术、新产品、新业态等的繁荣出现。三是关注反转板块的行业性机会。其中具体包括：疫情受损板块在疫苗进展顺利、特效药推进较快预期下的修复；监管压制板块在政策边际调整后的修复；自身周期性拐点到来带动的盈利预期变化及股价的机会。  自下而上角度，在选股思路上的几点侧重：  首先强调业绩的确认度。尤其是在2022年Q1-2时期，宏观策略与行业微观的盈利预测有较大分歧，本基金会对持仓品种的业绩预测进行反复检视、加强调研确认。其次是强调业绩与估值的匹配度。相比2021年市场流行的景气度投资框架，2022年的国内外利率波动和风险资产波动加剧，可能导致风险偏好与估值思路出现明显变化。本基金会用更严格的估值方法和标准进行组合的配置调整。最后是继续在业绩披露期前后，加强技术工具应用、扩大股票覆盖范围，挖掘更多机会。  整体上，预计2022年市场风格及本基金配置相比2021年会更加均衡，市场可能演绎先价值、再成长的风格轮动，指数级别的机会可能在下半年出现。重点看好的方向包括：稳增长领域的机会、高景气赛道中估值调整合理的机会与新兴成长机会、疫情反转及政策反转类的机会。","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csrcFundId":4297,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:06.114Z","masterFundFlag":1,"inceptionDate":"2015-10-28T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信鑫利灵活配置混合","pinyin":"jxxllhpzhhxzqtzjj","managers":[{"stockCode":"db20787528","stockType":"fund_manager","exchange":"fm","tickerId":262412211470,"name":"张湘龙"}]},"announcement":{"linkText":"建信鑫利灵活配置混合型证券投资基金2021年度年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711948","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f57fea5b3eb044fb43","date":"2021-09-29T16:00:00.000Z","stockId":3000000001858,"sao":"2021年三季度，国内A股市场表现较为疲弱，各类宽基指数均出现不同程度调整，其中较为另类的是中证500指数，由于包含较多上游周期行业，表现较好。整体上，上游周期行业在三季度表现出色，而下游消费行业由于基本面疲弱，出现较大幅度调整。  在三季度，鑫利坚持紧抓基本面研究投资，注重业绩的增速、持续性。重点配置了新能源、机械、电子等行业，而对煤炭、钢铁等涨价行业则配置较少。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.118Z","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csrcFundId":4297,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:06.114Z","masterFundFlag":1,"inceptionDate":"2015-10-28T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信鑫利灵活配置混合","pinyin":"jxxllhpzhhxzqtzjj","managers":[{"stockCode":"db20787528","stockType":"fund_manager","exchange":"fm","tickerId":262412211470,"name":"张湘龙"}]},"announcement":{"linkText":"建信鑫利灵活配置混合型证券投资基金2021年度第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652186","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f57fea5b3eb044fb42","date":"2021-06-29T16:00:00.000Z","stockId":3000000001858,"sao":"今年上半年市场指数表现出现明显分化：大盘上涨3%左右，创业板指及科创50分别取得17%和14%的涨幅，中证500和中证1000次之、分别取得了6.9%和6.6%的涨幅，与此同时，沪深300表现平淡，微涨0.2%，上证50表现最差、录得3.9%的跌幅。行业层面，基础化工、钢铁、电力设备新能源、煤炭、有色等涨幅靠前，非银行金融、家电、军工、地产、农业等跌幅靠前。  从宏观层面来看，增长方面，2021年上半年中国宏观经济仍处于疫情受控后的复苏阶段，在低基数的支撑下，一季度GDP实际增速达到18.3%。经济修复动力在进入二季度后逐渐减弱，官方制造业PMI从一季度末51.9%回落到二季度末50.9%。通胀方面，在全球需求恢复、海外资源出口国疫情和国内高耗能行业去产能预期的因素影响下，上半年国内出现了较为显著的工业品通胀，PPI同比增速逐月抬升，5月PPI同比增速达到9%的高位水平。CPI则在猪肉价格的拖累下持续处于较低水平。政策方面，上半年以“宽货币、结构性紧信用”为主，截至6月M2和社会融资存量同比增速为8.6%和11%，分别较去年底回落1.5和2.3个百分点。  从市场层面来看，1月市场在货币政策“不急转弯”的预期下出现了快速拉升、并于2月18日触及年内高点3730，此后受到美债利率抬升、通胀预期抬升的影响，又快速回落、最低触及3330点。在3月份市场逐步企稳，自4月至5月上旬市场围绕3400-3500以窄幅震荡运行为主。自5月中旬开始，市场受通胀预期回落、债券收益率下行的影响，出现了显著拉升，大盘震荡区间从3400-3500抬升至3500-3630，并涌现出较为显著的结构性机会。  重点指数整体呈现出成长跑赢价值、中小盘跑赢大盘的风格。同时值得关注的是，以创业板指和科创50为代表的高景气成长龙头跑出了上半年最强收益，也带动中证500和1000指数表现出较好的涨幅，整个成长景气在5-6月出现了明显的扩散，市场情绪也显著回升。从行业表现上来看，A股上半年的结构性机会聚焦以资源工业品为主的周期板块和新能源产业链为主的成长板块。  本基金在上半年的市场环境中，发挥全市场精选的特点，利用基金规模较小，调仓较为灵活的特征，积极捕捉市场结构性机会，及时降低了食品饮料、医药行业配置，增加新能源、半导体、玻璃建材等行业配置，为持有人奉献超额回报。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.115Z","mo":"展望下半年，国内经济增长动能可能见顶回落，中国宏观政策将逐步倾向于强调稳增长，稳健货币政策突出“以我为主”，积极财政政策突出提高效能。海外宏观方面，美联储货币政策回归正常化是下半年的重要关注点，未来一段时间可能出现中美货币政策的阶段性背离，将对人民币资产和币值带来挑战。  对A股市场来说，2021年全年盈利将维持高增，但下半年边际趋弱，市场估值在流动性中性偏宽松的状态下仍有支撑，但考虑短期部分赛道投资交易拥挤程度达到较高位置，预计后续市场波动会明显放大，下半年市场投资仍以积极寻找结构性机会为主。  在成长方向的配置上，部分赛道投资存在阶段性的情绪过热，高估值的状态也会面临流动性环境波动的影响。在新能源产业的投资上，我们会更严格的确认业绩与估值的匹配情况，不断调整和优化组合，逐步降低市场潜在波动可能造成的影响。  同时，从产业经营层面我们观察到，中国技术升级以及国产替代的逻辑正在从特定的高景气领域通过产业链供应链关系、向通用制造领域及其他基础工业领域不断传导，投资机会也不再局限在少数赛道。可以认为，高景气赛道的繁荣正在持续带动更大范围、更多数量的中小企业发展，对应在投资策略上，进一步深挖“专精特新”小巨人、寻找细分领域的“隐形冠军”将成为下一阶段投资的重要方向。","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csrcFundId":4297,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:06.114Z","masterFundFlag":1,"inceptionDate":"2015-10-28T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信鑫利灵活配置混合","pinyin":"jxxllhpzhhxzqtzjj","managers":[{"stockCode":"db20787528","stockType":"fund_manager","exchange":"fm","tickerId":262412211470,"name":"张湘龙"}]},"announcement":{"linkText":"建信鑫利灵活配置混合型证券投资基金2021年度中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=632359","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f57fea5b3eb044fb41","stockId":3000000001858,"sao":"2021年一季度，国内A股市场整体走势偏弱，沪深300指数下跌3.13%,创业板指数下跌7%，从行业来看，一季度钢铁、电力及公用事业、银行、建筑、煤炭等顺周期行业表现较好，而军工、非银、汽车、计算机、电子、通信、食品饮料等行业则表现较弱。一季度随着疫苗以及防控措施的落地，全球经济增长预期持续调升，周期行业迎来阶段机会，同时由于物价上涨预期，货币政策回归常态导致估值偏高行业面临调整压力。  本基金在一季度依然聚焦于行业三因素与公司三因素的分析，在景气行业的选择上，成长景气行业配置优先于周期景气行业配置，从一季度阶段来看，短期承受一定压力，但从中长期维度看，依然看好成长景气行业的表现。鑫利基金在一季度降低了股票仓位，同时调整了组合结构，增配以化工为代表的顺周期行业，减配食品饮料、医药等行业。在年度节奏上，以5、6月份为关键点，上半年周期景气行业占优，下半年成长景气行业占优。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.110Z","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csrcFundId":4297,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:06.114Z","masterFundFlag":1,"inceptionDate":"2015-10-28T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信鑫利灵活配置混合","pinyin":"jxxllhpzhhxzqtzjj","managers":[{"stockCode":"db20787528","stockType":"fund_manager","exchange":"fm","tickerId":262412211470,"name":"张湘龙"}]},"announcement":{"linkText":"建信鑫利灵活配置混合型证券投资基金2021年度第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568703","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f57fea5b3eb044fb40","stockId":3000000001858,"sao":"2020年一季度，股票市场波动较为剧烈,呈现突发事件冲击较多的状态。期间国内外新冠疫情引发全球市场较大动荡，OPEC石油输出组织的产能控制谈判破裂，导致油价出现剧烈调整，带动大宗商品下行以及高收益债市场信用利差上升。由于我国政府采取的强力隔离措施，国内疫情控制较好，股票市场虽有调整，但整体好于海外市场。从市场风格看，科创板和创业板等成长风格表现好于上证50等价值风格。从行业分类看，农林牧渔、医药、计算机是获得正收益的三个行业，其他行业均出现下跌，其中石油石化、非银金融、煤炭三行业跌幅靠前。总体上看，受益于疫情的行业，同时与经济关联度小的行业表现较好。  2020年二季度，随着海外央行流动性释放、扶持经济政策的出台，全球股市整体向上共振。国内市场成长风格占优，以免税为代表的消费者服务、防疫物资为代表的医药、社会经济活动复苏为代表的食品饮料均取得较好的涨幅，同时以投资驱动为代表的钢铁、建筑、煤炭等行业则表现落后。  2020年三季度，国内资本市场，股票表现依然好于债券，在流动性边际趋紧、信用扩张加速的时段，股票更多依赖盈利驱动，而债券遭遇不利环境。从股票市场上看，疫情过后的复工复产阶段，传统产业都有不同程度恢复，特别是各行业竞争力比较强的公司，生产经营恢复好于行业，股票表现也好于行业。分行业看，可选消费里面的消费服务、汽车表现较好，而与经济增长关联度小的TMT行业，则相对表现较弱。  2020年四季度，国内A股市场表现较好，各类宽基指数均取得一定涨幅。在2021年全球经济共振式复苏预期下，资本市场对全球统一定价、可贸易的资源类行业关注度提升，顺全球周期板块整体有良好表现。在四季度产品“涨价”行业在股价表现上均不错，其中以有色、化工、煤炭为代表的行业收益均居前列。  2020年，鑫利阶段上重点配置了医药、云计算、建材、食品饮料、新能源、高端装备制造等行业，通过一定程度的行业景气判断进行行业轮动，全年来看行业配置和个股选择都有超额收益贡献。在投资方法论上，进一步加强了行业三因素、公司三因素在股票收益来源模型中的应用。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:01.107Z","mo":"展望2021年，在疫苗进展顺利，全球即将迎来共振式复苏的宏观环境下，国内货币政策逐步回归常态，静态估值偏高行业需要经历估值的考验，能通过盈利快速消化估值的成长景气类行业在今年依然可以通过业绩支撑市值扩张，而稳健消费类行业阶段性估值承压。从节奏上看，上半年顺全球周期行业受益补库存以及供需短期错配，实现量价齐升，在上半年阶段性占优。随着经济脉冲到高点，物价以及利率阶段见顶，下半年成长景气类行业将迎来较好投资机会。2021年顺应市场节奏是控制好回撤和波动的要点。","fund":{"_id":3000000001858,"stockCode":"001858","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-09-22T16:00:00.000Z","setUpScale":4961820000,"market":"a","tickerId":1858,"custody":"中信银行股份有限公司","name":"建信鑫利灵活配置混合型证券投资基金","shortName":"建信鑫利灵活配置混合(001858)","fundSecondLevel":"hybrid","__csr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